Tag Archives: finance

MAKE THE POOR RICH?

19 Nov

For today’s article I found myself motivated by an excerpt from the net:

In the words of Florida Sen. Marco Rubio

“The way to turn our economy around is not by making rich people poorer; it’s by making poor people richer.”
(Read more: http://bit.ly/RP1V65)

Now this I found very intriguing.  In this time of peoples unrepressed loathing of the 1% and the Occupy Wall Street movement there seems to be an every growing desire to rob the rich.  Now I know many people are going to ream me for this but I just can’t get with taking from those who built their fortunes.

The rich pay a vast majority of the taxes. 

The rich give the most to charities and non-profits globally (see buffet and gates).

If we are to simply take what they make, what incentive is there to keep making money and giving it as well?

In my humble opinion it is high time we find a way to incentivize people’s efforts to be rich.  Not everyone will make it, not everyone wants to- but wouldn’t the world be better if we all strived for greater gains?  Imagine if Michael Jordan only wanted single digit stats?  If Ali didn’t want to be the greatest? And what if Steve Jobs didn’t insist on perfection?  I think we would have lost as well.  Add Leonardo da Vinci to that mix to my friends and imagine what profound loss we as a species would have.  And it is in this vain that I exhort you to do as Rubio suggests.

Every economy in the world benefits when there are more wealthy folks or even those with healthy bank balances.  So let’s see how you would get there.

*Mind your Business.  Yup- not what your mom said, what Tony says.  Simply put make your own money.  Don’t be a wage slave forever.  If you don’t agree why not simply start a part time business from home?  Extra money in your spare time or a business that sets you free from having a boss is ideal.  The average millionaire was middle to lower class.  It doesn’t always take vast sums of cash to make more cash.  Bloomberg wasn’t born a billionaire but will die one.  He set lofty goals for himself and let his ambition move him beyond simple things.  Id dare say all his dreams have been actualized.  Doesn’t that sound great?  What separates us from him? Nothing. 

*SAVE, SAVE, SAVE.

Can’t find the time to build an empire?  Just not sure that’s what you want?  That’s not a problem.  Its fine actually.  Simply save and live below your means.  Start out trying to put aside 5% every month.  After the bite of this begins to fade up shift to 7%.  After that 10%.  Your goal should be to stash 20% of your take home every month from now to eternity.  Even after you reach your targeted amounts and goals- save more.  In retirement as well, save more.  The greater your capital cushion the easier you will weather the financial storms and the less stress you will feel.  When you hit a financial curve you will pause and then continue your forward motion.  Imagine not worrying about money, because you have an excess.

Your economic future is in your hands.  Therefore why would you not craft the most amazing, dynamic, wealthy personal economy you can?

#thriveorsurvive.

In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.
Confucius

Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.

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The Terrorists in Your Wallet and the Seal Team 6 in your Mind.

11 Nov

The Terrorists in Your Wallet and the Seal Team 6 in your Mind.

Like many Americans I’ve been the victim of identity theft. Twice. And while it is upsetting it isn’t quite the daunting task that most people believe. Ill help you get started.

-Paperwork and Phone Calls.
Beating credit theft is imminently doable. America has a recent overhaul that helps or hurts depending on perspective. For now though we will focus on the other parts.
So your card gets declined. Now you’re embarrassed. And your credit is ruined.
Nope it isn’t. You can fix this. You can reclaim everything. It all starts with a simple phone call. Call the company issuing your credit card. Alert them to the issue and list every transaction that is questionable.
Write out the name of who you spoke with and their title. Get an id# of they have one. I always ask for a manager. Go to the top. It gets things done faster. Print and highlight the thefts. Staple all this together. As well as any correspondence you get from them.
Also make sure your card is canceled- as in the number not the account. You can close the account but your credit score will drop as your debt to credit ratio will drop.

-Check your Accounts weekly or better.
All of them. Every type. Without Fail. Get it done. No excuses. No lies. There is always time to secure ones future. Your credit is in your hands.
Setup email and text alerts. Its free at many banks if not all. I personally check my bank accounts and credit accounts every 2 to 5 days. Why wait for free help when you can be proactive? Manage your finances like you do your itunes.

-Get Your Free Credit report Every Year. The government has set aside a permanent website and free credit reports from the 3 major credit companies- Experian, Equifax, and Transunion. In my experience Experian holds the most weight. But all can effect your credit scores et al.
Here’s a nasty secret though: there are 6 credit bureaus. Ouch right. I used to have info on 4 out of 6 but that’s it. I will suggest though that you folks get your fico aka fair isaac score. This one holds a lot of weight. You need it more than you think. Pay if you have too. Now at the bottom of this post ill have the links to the 3 big boy sites and the government secure site to get your anual credit reports. So now that I’ve done the leg work you are free to simply monitor the reports. Once you get them- peruse them with extreme prejudice. Anything that is even 4 cents off must be questioned. Call, write, email. Whatever. Get responses, get answers.
And those boiler plate, pre-fabricated letters all over the net- skip them. The big credit companies have robotic programs that know the format and even the type fonts. Scary in a way but efficient and innovative. Beat them by being starkly real.
Till then my folks:
#findyourfuel

Equifax: 1-877-576-5734; http://www.alerts.equifax.com

Experian: 1-888-397-3742; http://www.experian.com/fraud

TransUnion: 1-800-680-7289; http://www.transunion.com

https://www.annualcreditreport.com/cra/index.jsp

 

#thriveorsurvive

Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.

Once more:

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Economic Reality?

11 Oct

“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country.
 
When you won, you divided the profits amongst you, and when you lost, you charged it to the bank.
 
You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin!
 
You are a den of vipers and thieves.”
 
 
— Andrew Jackson (7th US President, when forcing the closure of the Second Bank of the US in 1836 by revoking its charter)

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2 Quick Credit Fixes You Probably Haven’t Considered

8 Oct

2 Quick Credit Fixes You Probably Haven’t Considered.

A lot of what I discuss on here is how to build a business or what mindset to have or avoid. Every now and then though its finance time my friends.
Today I’d like to discuss two quick credit fixes for the average joe. Credit can make or make you and literally cost you 100s of 1000s of dollars over the course of a mortgage, car, or student loan.
So let’s save you Money!

-Increasing your existing Credit.
A quick fix that most everyone is going to hate me for suggesting is to INCREASE your credit limits by taking out more lines of credit and more credit cards. Consistent approvals and credit limit increases will increase your credit score and your ratios in a favorable manner. Every time you are denied you lose two points. When Amex gives you a new account with them and a low to high limit though, you win. Even a $300 dollar increase still adds to your available credit. You always want a lot of available credit. Now in this economy people are scared. They are avoiding credit, hoarding cash, and living in fear. Fear doesn’t feed the kids folks. Fear doesn’t have dividends that pay quarterly.
Increase your existing limits. Heck call every six months and ask for a credit increase. Speak cordially and state your case. Your case should be that you miss no payments and are a member in good standing etc. They can only say no right?
If that fails, ask for a reduction in the interest you are paying. Even a quarter percent will add up over time. And again-
They can only say no right?

-Debt to credit ratio.
This ratio should be below 30% percent ideally. If you reduce your spending and or pay down the amount you owe to that level or lower and keep it below said threshold you will win. Having a lot of credit is good. Its actually a high need in your personal life and in your entrepreneurial endeavors.
The more credit you have the better you are to meet fiscal challenges. Not necessarily to save your personal pockets- but in a business you may need it.

And using credit, BUILDS credit! Amazing system huh!
By reducing this ratio you will see great results in your credit report, credit score, and fico score.

-Lastly don’t cut up those cards too quick.
A lot of people think that rather than practicing self control it is easier to cut up the cards and end the access. And that’s fine- if you cut them up ONLY. A lot of people cancel their cards to avoid debt and cash flow slavery. However when you cancel one of your credit cards you shrink your income to debt ratio. Ex: before you had 3 cards with $3000 limits respectively. So you effectively had a $9000 credit limit. Now when you cancel card 1 you are down to $6000 of available credit. And if you use $3000 of said credit you have a 50% ratio-OUCH! Credit companies, banks, etc don’t like that ratio. If you had that third card you would have a 33% ratio- a preferred percent.
So folks. Be grown ups. Don’t use that card. Heck don’t even cut it up. We are grown ups. And we are entrepreneurs.
Self control is the basis to success so practice, practice, practice.

#thriveorsurvive.

“The lack of money is the root of all evil.”
-Mark Twain

Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.

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HH MAGAZINE: ISSUE 29

1 Oct

HH MAGAZINE: ISSUE 29.

GET IT OR GO HOME FOLKS-

INSPIRATION IS ALWAYS NEEDED IN MY HUMBLE OPINION.

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Image

What I’m Reading Now

30 Sep

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Wealth reality 101

29 Aug

Gold is the wealth of kings……
Silver is the wealth of gentlemen……
Barter is the wealth of peasants……
Debt is the wealth slaves!!!!!

-Norm Franz.

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RICH CAT, POOR CAT.

29 Aug

Even my cat is reading Rich Dad Poor Dad!!!

Even my cat knows we need to get our global financial purses in order.
Now it seems funny. Heck it is.
However the sad truth is not enough people are focused on their financial education. Even fewer people are focused on their financial well being. The average American is simply following what their payroll secretary instructs them to do. No offense to the payroll secretaries of the world but they are not financial advisers. They do not have to be. It isn’t a requirement. And in fact in many ways they don’t have your best interest at heart. They may round your overtime down per instruction. Hey legal or not that puts them against the dollars you earn when you trade sweat equity for a paycheck. below I’m going to give you my ideas on a few investments, assets, financials you need and or don’t. Ahead of time let me say I am NOT, repeat NOT a financial advisor. I’m just a well read, educated guy from the city that learned the hard way. Feel free to challenge me on redirect- also known as the comment section.

-Investments.
Many people are banking on investments they don’t understand and don’t control to see them through to the end. Regardless of. Lifespan. Sadly after the last crash- the game of economics has changed. I’m not being callous either. Your life isn’t a game but when you let strangers play with your money and wish for the best- you are doing worse than a guy who plays monopoly with his dog. Solution: ask questions. Find out what the fees are. What is your guaranteed ROI aka return on investment. If you can’t understand the product they sell you- Walk away. They get paid to educate you and serve you! Investments don’t have to be stocks and bonds. They can be metals, rental properties, reits, and many more. Look around. Educate Yourself.

-Assets.
Assets build for you essentially. A house you own free and clear is an asset. A sack of junk silver, also known as a bag of coins with no numismatic value and a high amount of silver in them, that’s an asset. A Porsche is not an asset. A cool toy and a burden on your wallet is what a Porsche is.
A rental property with positive cash flow every month is an asset. A home you live in with a mortgage is not an asset in my opinion. If you can lose it or you can’t pay it off in one swipe, then it is a burden. Now people with mega bucks may use a mortgage and a jumbo loan to create certain incentives and complicated fiduciary vehicles to benefit them. I’m not that guy and most of is aren’t either. So skip them lol. In essence an asset puts money in your pocket.

-Liabilities.
Back to the Porsche. Its awesome. I want one. I drive a Honda Accord sedan. You family can and no kids lol. I’m trying to plan ahead. My car is not an asset either. When I leased it however I had a nice tax write off for my home business. See how you can work things? Your home- sorry. Liability like I said before. Mortgage, insurance, maintenance, hoa dues, water bill, electricity- the list goes on. And heaven forbid your boiler or hvac system goes. Got 10 grand sitting around? The play station 3 and surround sound system your kid had to have- pricey liabilities. Oh and the 70 inch Sharp Aquos. Great tv. Li-a-bi-li-ty! Now you need shelter and transportation but evaluate your means and needs. Nothing wrong with having wants too. However find a balance. Don’t be ignorant. Don’t keep up with the jones’. Build your future.

-Physical wealth.
I love physical wealth. Gold, silver, platinum palladium- AMEN! These are my ideas of Assets and Investments. Gold has historically been a way to hedge against inflation and store wealth. Silver as well. Silver coins are highly collectible and can be fun to collect and teach the kids money lessons with. Sealed, signed, graded coins are considered numismatics and can gain value beyond their weight in silver or gold. You can buy junk silver as well. Try this- sort your silver coins for a week. Anything from 1965 or early has a decent chunk of silver in it. A 1960 nickel is 2 bucks. The quarter is 8 bucks. Now of course this all depends on silvers value as adjusted daily, but I assume you see the idea. Questions or want more info on this- reach out to me asap.

-Savings accounts.
Both are good. You should save a portion of every dollar you make until you die. No excuses. No usage. Ask your bank to remove $25 bucks from every check, $10 if you can’t squeeze it out. This way it goes right to savings and you don’t spend by accident. Putting money away for Christmas, or a new car is smart too.

-Emergency fund.
This builds off of the previous. We all need x amount of dollars set aside for life’s hardships. Suze Orman says save six months of living expenses. I concur but that’s a lot of money for all of us. So start with 1000 dollars as your initial goal. You can get there faster than you think.

-Fees.
This is money you can use to build that emergency fund.
checking fees are killing most people. Use direct deposit or get the most basic service you can.
Monthly installment geico vs 6 months upfront. This will save you 60 dollars a year. If you make the payments upfront you skip the fees. Life insurance does the same and so do many other payments. Mortgage and car- send am extra 100 bucks a month to- THE PRINCIPAL. This will reduce interest and fees. It will also add about a payment a year. Lastly this kind of math will take years off your mortgage and months or years off your car loan. Think folks.
Lastly- you don’t need the Cable gold package. You want it. Get the basic. Heck, get Netflix and only the internet. That 80 to 100 dollars you save monthly will give you 960 to 1200 dollars a year!

Are you with me yet folks?
There is money in your wallet/purse. You have to want it though. Do you need change? Tired of the boss? Want to get rid of debt. Well I just gave you some concepts and strategies and info you may not have been privy to before. Use it. Grow.
And remember:
You #thriveorsurvive by your own hand.

#thriveorsurvive.

Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.

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Freedom is found in your Finances

24 Aug

Freedom is found in your Finances.

‘Lastly keep a keen eye on the finances. We’ll discuss that next time folks.’

Well folks that moment is here and I have a great set of ideas and facts to help you.
Keep in mind I’m no expert or licensed CPA and or FInancial advisor. I’m simply sharing what I’ve learned and encouraging you to seek out further growth and expertise from those who can shape your fiscal future.

Freedom being found in the financials is almost an oxymoron in most peoples minds. Money, taxes, costs and revenue are practically the devil when they should be a breath of fresh air to all moguls. The sad fact is the details that make money work are the very things that scare most people.

Now I’ve a got a few clues and a few ideas to get you where you need to be.
Let’s unpack this people.

Whether you have bills or not you need a budget. Start with your monthly income. Whether you work off the books or on you need to know what you take home on average. I recommend you work on the books as every dollar you make is bankable towards your future.
Add up your monthly income and arrive at a total. Next add your expenses up- cell phone, cigarettes, metro card, insurance groceries. Everything until you have a clear picture of what you spend monthly not just your bills.
From there see if the two number match or if you are running a surplus or a deficit.
Now let’s assume you bring home 3200 and your bills are 3100. In this case you have a small surplus. And it should be used to either build a safety cushion for future issues or to pay down current debt. If you see that cash as free money or mad money you won’t survive the next recession/depression. Sorry folks but we all need a plan. I personally save almost nothing- why? All my credit cards have a debt relief plan. Also you can’t erase debt on cc’s in a bankruptcy. However you can’t rebuild as fast as you can clear. Now I’ve never used this strategy. I don’t even recommend it but you see the use? What we need to do as business people is now the limits of our dollars. And to do that always pay your bills and debts first. I don’t care how small- pay the bills first! Next take what’s left and pay off more bills. Either remove debts or be ahead of debts. That’s sound financial strategy my friends.
Also, look for cheaper insurance and cell phone/ internet/ cable plans. Bundling may save you money. So look into it.

A few more points:

-A Good Cpa.
A good cpa will find you money and deductions not hide from the irs’ eye. Many tax preparers’ will tell you to take the automatic, minimal deductions for your business. However that helps them and their licenses’ not you. Remember you get what you pay for and the cheapest cpa/ tax prep person isn’t your best friend.

-Good software.
Good software helps. A LOT.
Why? Simple. The easier it is to track your expenses the better your records will be. The company I use shows real time usage, and deductions and links to ALL my checking accounts,credit cards, et al. This puts me at ease as I know I can be lax. I only have to input my customers, clients, prospects, and new team members as I meet and or sign them up. So simple, so freeing.

-Receipts.
Even with great software I keep all my receipts. I also mark the date in blank ink and any correlating data as well on the back of the receipts. If you sign a client or partner in a restaurant or bar you get deductions as well. So next—

-What you can deduct.
If you sign people at certain venues and certain cost points you will win. Meals, phone bills, office rent, and many more options are available to a serious mogul. Get your paperwork in order, get a real CPa and you will prosper. Remember spending money on you business is necessary. However losing money on a new or existing venture isn’t.

-Debt control.
Controlling debt, public and private is key. Know the difference. You can spend money on your business, for your business, and from said businesses credit when you set things up properly. Pay off the debts of any and all businesses first so you are in the green sooner. This will ensure you win.

-Spending is good.
Autoships, company letterhead, insurance policies, etc are all useful expenses. Not everything will get you a deduction but if you can legitimately spend a dollar to get your venture off the ground you will win!
Money spent on training, mentors, and advertising is well spent. So long as you don’t go to the person(s) who seems creepy or isn’t making you money.
In life and in business you need to spend money to make money so spend it wisely.

Bonus- Money comes with math and emotions.
So make sure your math, their emotions, and your emotions are all in sync. If not you are wasting time. You need to bond with people to create an empire. When you don’t you have nothing. Make a choice.

#thriveorsurvive.

“You will be what you put into this life.” Tony
“People don’t buy for logical reasons. They buy for emotional reasons.” — Zig Ziglar

Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.

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Aside

SMART TIP

12 Aug

See If NY Owes You Money: http://www.osc.state.ny.us/ouf/index.htm

Funds are out there and the go back decades for some.

#thriveorsurvive

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